An International Payment Method / Gateway is a service that enables merchants to accept Payments from customers located in different countries. Here’s How it generally Works.
- Customer initiates payment: The customer selects the product or service they want to purchase and proceeds to checkout. At this point, they are presented with various payment options, including credit cards, debit cards, or other online payment methods.
- Payment details are encrypted and sent to the payment gateway: Once the customer selects their preferred payment method, the payment details are encrypted and sent securely to the payment gateway.
- Payment gateway processes the transaction: The payment gateway then sends the payment information to the acquiring bank, which verifies that the customer has sufficient funds to complete the transaction. The bank also checks for any fraud or suspicious activity.
- The transaction is approved or declined: Based on the information received, the acquiring bank either approves or declines the transaction. If the transaction is approved, the funds are transferred from the customer’s account to the merchant’s account.
- Funds are settled: The acquiring bank settles the funds to the merchant’s account within a certain period, typically between 1-3 business days, depending on the payment gateway and the bank.
- The merchant receives payment: Once the funds are settled, the merchant receives the payment for the goods or services sold.
- Paypal is also a good payment gateway
Note – It’s important to note that different payment gateways may have different processes and fees, so it’s important for merchants to research and select a payment gateway that suits their needs. Additionally, there may be additional requirements for merchants to accept international payments, such as currency conversion and compliance with local laws and regulations.
Merchants can gain access to payment gateway systems through merchant-acquiring bank partnerships, or else they can select their own payment gateway system. Large banks such as Bank of America (BAC) and JPMorgan Chase (JPM) have sophisticated payment gateway systems that they offer to customers along with their own merchant-acquiring bank services. Ultimately, merchants can choose a variety of payment gateway technologies as long as they are compatible with the merchant-acquiring bank that is being used for payment processing.1
One recent example of a payment gateway is Square (SQ), which emphasizes flexible mobile payments for retail businesses. The company’s Square Reader technology allows customers to easily accept payments at ad-hoc locations such as conventions or farmer’s markets, or through roaming storefronts such as food trucks.
With the Square Reader payment gateway technology, a merchant can attach a small piece of hardware to their mobile phone which allows the customer to swipe their payment card for processing through the mobile phone’s electronic connection. The Square Reader sends the payment information to a merchant’s acquiring bank which then processes the information for the merchant momentarily.
A white-label payment gateway is a payment gateway whose branding can be customized according to their client’s preferences. This allows merchants to receive payments through third-party services while using their own name and brand.
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